{"id":87945,"date":"2024-07-30T08:05:49","date_gmt":"2024-07-30T08:05:49","guid":{"rendered":"https:\/\/tin.happy-projects.ro\/canfor-reports-tough-q2-2024-for-its-lumber-segment\/"},"modified":"2025-09-19T09:02:30","modified_gmt":"2025-09-19T09:02:30","slug":"canfor-reports-tough-q2-2024-for-its-lumber-segment","status":"publish","type":"post","link":"https:\/\/www.timberindustrynews.com\/ro\/canfor-reports-tough-q2-2024-for-its-lumber-segment\/","title":{"rendered":"Canfor reports tough Q2\/2024 for its lumber segment"},"content":{"rendered":"

Canfor Corporation has announced its second-quarter results for 2024, highlighting significant challenges and decisive strategic moves within its lumber segment due to a tough market environment.<\/span><\/p>\n

For Q2 2024, the lumber segment experienced an operating loss of $230.5 million, compared to $57.1 million in Q1 2024. This quarter's results included a $51.4 million inventory write-down, a $31.6 million asset write-down and impairment charge, and $32.6 million in restructuring costs. Adjusted for these items, the lumber segment's operating loss was $114.9 million, compared to an adjusted loss of $87.3 million in the previous quarter. Solid earnings from Canfor's European operations were overshadowed by persistently weak North American lumber pricing.<\/p>\n

In response to the ongoing challenges, Canfor made several strategic moves in Q2 2024. In May, the company announced the permanent closure of its Polar sawmill in Bear Lake, BC, and suspended planned reinvestments in the Houston, BC sawmill due to a persistent shortage of economically available timber and challenging operating conditions in BC. Additionally, Canfor permanently closed its Jackson, Alabama facility, with operations shifting to the expanded Fulton, Alabama facility. These changes resulted in $31.6 million in asset write-downs and $32.6 million in restructuring costs.<\/p>\n

Throughout the second quarter, North American lumber markets faced sustained downward pressure. Affordability constraints continued to discourage potential homebuyers, leading to reduced US residential construction activity. The repair and remodeling sector also saw reduced activity due to lower disposable household income levels. These trends, coupled with increased supply, led to a notable drop in North American benchmark pricing compared to the previous quarter.<\/p>\n

US housing starts averaged 1,348,000 units on a seasonally adjusted basis, down 4% from the previous quarter, with single-family homes down 5% and multi-family starts down 1%. In Canada, housing starts averaged 249,000 units, up 1% from the previous quarter, driven by a 4% increase in multi-family home construction.<\/p>\n

Offshore lumber demand and pricing in Asia remained relatively steady. China's real estate market continued to face challenges despite government stimulus measures. In Japan, however, an improvement in the rental housing market led to a modest increase in demand and pricing. In Europe, low levels of residential construction were offset by solid activity in the do-it-yourself sector, leading to improved lumber pricing, particularly in Central Europe.<\/p>\n

Looking ahead, Canfor forecasts continued weakness in North American lumber market conditions in the third quarter of 2024 and beyond. Residential construction activity is expected to be challenged by ongoing affordability issues, particularly in the multi-family segment. The repair and remodeling sector is also projected to decline through the rest of the year.<\/p>\n

In Asia, lumber demand and pricing are expected to remain flat, with steady demand in Japan offset by challenges in China. European lumber pricing is anticipated to face modest pressure due to a seasonal slowdown in the do-it-yourself sector and continued log supply constraints.<\/p>\n

In the US South, Canfor's capital investments in its new greenfield sawmill in Axis, Alabama, and the upgrade and expansion of its Urbana sawmill in Arkansas are progressing well and are expected to commence production later in 2024. The acquisition of Resolute Forest Products Inc.'s El Dorado lumber manufacturing facility in Union County, Arkansas, for US$73 million, is expected to close in August 2024.<\/p>\n

In BC, significant uncertainty remains regarding the availability of economically viable fibre. Canfor anticipates sustained log cost pressures and constraints on accessing viable fibre for its sawmills and Canfor Pulp Products Inc.'s pulp mills. The company will continue to evaluate its options and adjust operating rates in BC to align with demand and available timber supply through the balance of 2024.<\/p>","protected":false},"excerpt":{"rendered":"

Canfor Corporation has announced its second-quarter results for 2024, highlighting significant challenges and decisive strategic moves within its lumber segment due to a tough market environment. For Q2 2024, the lumber segment experienced an operating loss of $230.5 million, compared … Continue reading →<\/span><\/a><\/p>","protected":false},"author":1,"featured_media":84635,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[4716],"tags":[],"class_list":["post-87945","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-trends"],"acf":[],"yoast_head":"\nCanfor reports tough Q2\/2024 for its lumber segment - Timber Industry News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.timberindustrynews.com\/ro\/canfor-reports-tough-q2-2024-for-its-lumber-segment\/\" \/>\n<meta property=\"og:locale\" content=\"ro_RO\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Canfor reports tough Q2\/2024 for its lumber segment - Timber Industry News\" \/>\n<meta property=\"og:description\" content=\"Canfor Corporation has announced its second-quarter results for 2024, highlighting significant challenges and decisive strategic moves within its lumber segment due to a tough market environment. 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